A new container terminal will be developed in Egypt with a total estimated investment of US$730m.
Hutchison Ports has signed a long-term agreement with the Egyptian Navy on the development and operation of a new container terminal in Abu Qir. The new terminal, to be located inside the Abu Qir Naval Base, has a concession period of 38 years and the first phase is expected to commence operations in 2022.
Eric Ip, group managing director of Hutchison Ports, said: “We have been investing in Egypt since 2005, and it has always been an important market to us justified by the country’s growing population and economy that are fuelling container trade.
“We are honoured with the trust from the Egyptian government and are excited with this project, which is designed to have a draft of 18 metres and capable of handling mega vessels. The pandemic has created many challenges globally, I strongly believe that as a company we are resilient, and I remain positive about the strength of a rebound in global demand.”
2m TEU capacity
The project will be funded primarily by the joint investment of the two partners in phases, with handling capacity of 2m TEU upon completion.
It will have a total quay length of 1,200m and a 60-hectare terminal yard, additional 100 hectares of land exclusively reserved for yard expansion.
The greenfield project will be connected to a new two-way highway, linking it to Alexandria as well as to the national road network to Cairo and other major cities in Egypt.
